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How to Pay the Price You Want For Your New Home

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  • How to Pay the Price You Want For Your New Home

    If ever there was a real life game of cat and mouse, then surely buying a new home is the perfect embodiment of this. We looked at how buyers can get the best deal from their new home and ensure that they pay a price suitable to their budget.

    A Realistic Outlook
    If you have a budget for a specific amount, then look for properties in that price range. There is not a great deal of merit in looking at houses that are more expensive, and letting your ego tell you that you will be able to negotiate the price down to a level more suitable for your own needs.

    This approach has many flaws, not least that it is wasting a great deal of your own time when someone else could be viewing and making an offer on your dream home.

    Talk to the Seller
    If we are being honest, then a lot of the time you are going to encounter a lot of hot air and a sales based approach from the estate agent. They will no doubt give you a great spiel about how much interest there is the house, why a property is so unique, and how you need to make an offer quickly because it will be sold by tomorrow.
    Try and avoid all of this and speak directly to the person selling the house. This will often lead to a much more open and honest conversation, as well as being able to discuss what might be an acceptable price without considering the commission hungry agent.

    Make an Offer
    When you make an offer, naturally you are going to want to come in at a price lower than that listed. However, think about what you want to pay for a property, and if that means offering at more than a 20% reduction on the list price, respectfully walk away. The average reduction achieved is around the 9% mark, and offering at any more than a 20% discount shows a lack of respect and great disdain for the seller.

    If you cannot make a respectful offer or you feel the property is grossly overpriced, walk away.

    Play the Long Game
    If you have been a savvy buyer and have conducted your research before viewing you will know whether or not you can play the long game. If a house has been on the market for six months, for example, make an offer at 20% less than the list price, and if it is declined just walk away. If the owner is desperate to sell they will come back to you, and while you may not pay the price you offered, you will still be significantly below the list price.
    Thanks for starting your real estate search with us. This website is full of information for you whether you are looking to buy or sell a home.
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